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Related Experiment Videos

Financial analysis projects clear returns from electronic medical records.

Karl F Schmitt1, David A Wofford

  • 1Healthcare Information Technology Division, ECG Management Consultants, Inc., Seattle, Washington, USA. kschmitt@ecgmc.com

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|January 25, 2002
PubMed
Summary

Implementing an electronic medical record (EMR) requires careful cost-benefit analysis. Engaging operational staff is key to demonstrating significant financial returns and justifying EMR adoption.

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Area of Science:

  • Health Informatics
  • Healthcare Management
  • Health Economics

Background:

  • Electronic Medical Records (EMR) implementation is a significant undertaking for healthcare organizations.
  • Quantifying the financial benefits of EMR adoption is often challenging, leading to executive hesitancy.
  • A clear understanding of costs versus benefits is crucial for successful EMR implementation.

Purpose of the Study:

  • To outline a strategic approach for demonstrating the financial viability of EMR systems.
  • To emphasize the importance of operational input in financial benefit analysis for EMRs.
  • To encourage healthcare executives to overcome barriers to EMR adoption through robust financial justification.

Main Methods:

  • Involving operational representatives from various organizational areas.

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  • Identifying potential cost savings through process improvements.
  • Identifying opportunities for additional revenue streams post-EMR implementation.

    • Main Results:

    • A structured approach can convincingly demonstrate that EMR financial benefits exceed costs.
    • Operational staff possess unique insights into cost-saving and revenue-generating potentials.
    • Successful EMR implementation hinges on a thorough financial analysis involving key stakeholders.

    Conclusions:

    • EMR adoption is financially justifiable when approached with a comprehensive cost-benefit analysis.
    • Cross-departmental collaboration is essential for accurate financial forecasting in EMR projects.
    • Strategic financial planning can overcome perceived uncertainties in EMR return on investment.